Federal
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February 06, 2025
6th Circ. Won't Reconsider Gold Broker's $3M Tax Bill
A Tennessee gold and silver broker found liable for $3 million in tax deficiencies after he presented fatuous arguments in the Sixth Circuit that he wasn't subject to income taxes will not have his case reheard by the appellate court, the court said Thursday.
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February 05, 2025
Key IRS Workers Can't Do 'Resign' Deal Until After Tax Season
Internal Revenue Service workers were notified Wednesday that employees working in positions considered necessary to the tax filing season can't accept President Donald Trump's resignation offer until mid-May.
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February 05, 2025
Israeli Law Firm Allowed To Amend Suit Against GILTI Regs
A D.C. federal court on Wednesday let the owner of an Israeli law firm amend his challenge of regulations for the U.S. tax on global intangible low-taxed income, a provision of the 2017 tax overhaul.
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February 05, 2025
US Bill Aims To Ax Tax Incentives For Multinational Cos.
Congress should repeal and replace federal tax measures that allow multinational corporations to reduce taxable income in the United States, including by holding assets abroad, according to two Democratic lawmakers who reintroduced a bill to that effect Wednesday.
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February 05, 2025
Dems Seek Further Review Of Treasury And DOGE
Democrats are not satisfied with the answers they've received from the U.S. Department of Treasury on access granted to Elon Musk's Department of Government Efficiency to the federal payment system and are looking at other avenues to scrutinize his activity.
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February 05, 2025
Goldstein, Saying He's Mired In Debt, Asks To Redo Bail Terms
Prominent U.S. Supreme Court attorney and SCOTUSblog publisher Tom Goldstein has a negative net worth of more than $3.3 million and is mired in debt to his attorneys, he said in a filing Wednesday seeking to modify the conditions of his release ahead of a trial on federal criminal tax evasion charges.
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February 05, 2025
Ex-Animal Hospital Owners Blame CPA For Taxes Paid Late
A couple who owed $2.8 million in taxes after selling their veterinary hospital told an Idaho federal court that they missed the payment deadline because their accountant stopped responding to them after promising to finish their return, prompting them to hire a private investigator.
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February 04, 2025
External Revenue Service Could Help Solve Unpaid Duty Issue
President Donald Trump's call for a new agency designed to collect trade revenue, billed as the External Revenue Service, may be more than a flashy concept and could tackle lingering inefficiencies associated with duty collection, experts say.
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February 04, 2025
Akerman Adds Ex-DOJ Tax Atty From Chamberlain Hrdlicka
Akerman LLP has brought on a former Internal Revenue Service and U.S. Department of Justice trial attorney from Chamberlain Hrdlicka White Williams & Aughtry PC as a tax partner in Atlanta.
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February 04, 2025
Kostelanetz Adds Tax Pro From Lowenstein Sandler
Kostelanetz LLP said a former partner at Lowenstein Sandler LLP has joined the firm as a partner in the Washington, D.C., office.
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February 04, 2025
Movie Review, Memorabilia Income Not Tax-Free, Court Says
A Georgia man must pay self-employment taxes on the over $50,000 he generated from writing freelance movie reviews and selling movie memorabilia, the U.S. Tax Court ruled Tuesday, also saying he must pay an associated accuracy-related penalty.
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February 04, 2025
3rd Circ. Urged To Nix Tax On $191M In Family Pharma Feud
A pharmaceutical company's $191 million payment settling a family feud over shares of the business did not include imputed interest triggering higher taxes as the U.S. government claims, a trust for family members who received the money told the Third Circuit.
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February 04, 2025
Tomato Paste Cos. Ask 9th Circ. To Revisit Deduction Denial
A pair of tomato paste producers have requested that the Ninth Circuit revisit its decision denying them a tax deduction for facility upgrades, arguing that a panel's majority ruling in December conflicted with the appellate court's established precedent.
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February 04, 2025
IRS Cancels Hearing On Admin Requirements For Direct Pay
The Internal Revenue Service on Tuesday canceled a hearing scheduled for this Friday on proposed regulations related to administrative requirements for tax-exempt entities looking to take advantage of new rules enabling direct cash payment of clean energy tax credits.
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February 03, 2025
Trump Orders Plan For Creating US Sovereign Wealth Fund
President Donald Trump on Monday signed an executive order calling on the U.S. Department of the Treasury and U.S. Department of Commerce to come up with a plan to create a U.S. sovereign wealth fund and said the social media app TikTok could potentially be put in the proposed fund.
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February 03, 2025
Schumer Warns Of 'Hostile Takeover' From DOGE
Top Senate Democrats on Monday railed against access granted to Elon Musk's Department of Government Efficiency that allowed the outfit's employees to tap into the U.S. Department of Treasury's federal payment system over the weekend.
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February 03, 2025
Man Failed To Prove Biz Loss Claims, Tax Court Says
A Connecticut man failed to adequately back up his argument that he was entitled to nearly $85,000 in partnership losses tied to two businesses, the U.S. Tax Court said Monday, upholding an IRS determination that also hit him with an accuracy-related penalty.
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February 03, 2025
Senate Tees Up Vote On Trump's Pick To Lead OMB
The U.S. Senate set the stage Monday to proceed with a vote on President Donald Trump's pick to be the new chief of the Office of Management and Budget.
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February 03, 2025
DC Circ. Urged To Back IRS' Denial Of Whistleblower Award
The D.C. Circuit should affirm the IRS' rejection of a man's claim for a whistleblower award because it was filed too late and the agency never collected proceeds or took action based on the tip, the federal government argued Monday.
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February 03, 2025
IRS Defends Process For Denying Worker Credit Claims
The Internal Revenue Service defended its process for rejecting applications for pandemic-era worker tax credits that it deems too risky to pay out, telling an Arizona federal court that contrary to the claims of two companies suing the agency over denials, its response has been reasonable.
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February 03, 2025
DC Judge Joins RI In Blocking Trump Funding Freeze
A D.C. federal judge on Monday temporarily blocked the Trump administration from implementing a freeze on federal spending while a group of nonprofits sue over the move, ruling the pause appears to "suffer from infirmities of a constitutional magnitude."
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February 03, 2025
Couple Cannot Deduct IVF Surrogacy Expenses, IRS Says
A married couple who said medical problems require them to use a pregnancy surrogate to have a child may not deduct their payments for in vitro fertilization for the surrogate as their own medical expenses, the Internal Revenue Service said in a private letter ruling.
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January 31, 2025
Funding Freezes 'Commonplace,' Feds Tell DC Judge
The Trump administration is asking a D.C. federal judge to throw out a lawsuit challenging a freeze on federal spending outlined in a since-rescinded memo from the White House budget office, telling the court that the withdrawal moots the litigation.
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January 31, 2025
Supreme Court Eyes Its 'Next Frontier' In FCC Delegation Case
A case about broadband subsidies will give the U.S. Supreme Court the chance to revive a long-dormant separation of powers principle that attorneys say could upend regulations in numerous industries and trigger a power shift that would make last term's shake-up of federal agency authority pale in comparison. And a majority of the court already appears to support its resurrection.
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January 31, 2025
The Tax Angle: TCJA Renewal Cost, ACA Credits, OMB Pick
From a look at the budget impact of renewing the 2017 tax overhaul law to uncertainty surrounding the renewal of Affordable Care Act premium tax credits and the nomination of a new chief of the Office of Management and Budget, here's a peek into a reporter's notebook on a few of the week's developing tax stories.
Expert Analysis
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What Higher Education Can Expect From A 2nd Trump Admin
The election of Donald Trump for a second presidential term has far-reaching ramifications for colleges and universities — come January, institutions can expect a crackdown on DEI, increased scrutiny of campus protests, a rollback of the Biden administration's Title IX rules and more, say attorneys at Jenner & Block.
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3 Ways To Train Junior Lawyers In 30 Minutes Or Less
Today’s junior lawyers are experiencing a skills gap due to pandemic-era disruptions, but firms can help bring them up to speed by offering high-impact skill building content in bite-sized, interactive training sessions, say Stacey Schwartz at Katten, Diane Costigan at Winston & Strawn and Lauren Tierney at Freshfields.
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Expect Surging Oil And Gas Industry Under New Trump Admin
Throughout his recent campaign, President-elect Donald Trump promised increased oil and natural gas production and reduced reliance on renewables — and his administration will likely bring more oil and gas dealmaking, faster federal permitting and attempts to roll back incentives for green energy, say attorneys at Sidley.
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The Bar Needs More Clarity On The Discovery Objection Rule
Almost 10 years after Federal Rule of Civil Procedure 34 was amended, attorneys still seem confused about what they should include in objections to discovery requests, and until the rules committee provides additional clarity, practitioners must beware the steep costs of noncompliance, says Tristan Ellis at Shanies Law Office.
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Cos. Should Inventory Issues To Prep For New Congress
As the legislative and oversight agendas of the 119th Congress come into sharper focus, corporate counsel should assess and plan for areas of potential oversight risk — from tax policy changes to supply chain integrity — even as much uncertainty remains, say attorneys at WilmerHale.
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Conservation Easement Cases Weave Web Of Uncertainty
Much of the IRS and Justice Department’s recent success in prosecuting syndicated conservation easement cases can be attributed to the government’s focus on the so-called PropCo ratio, which could indicate treacherous waters ahead for participants and their advisers, even under the incoming Trump administration, say attorneys at Polsinelli.
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So You Want To Move Your Law Practice To Canada, Eh?
Google searches for how to move to Canada have surged in the wake of the U.S. presidential election, and if you’re an attorney considering a move to the Great White North, you’ll need to understand how the practice of law differs across the border, says David Postel at Henein Hutchison.
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Legislation Most Likely To Pass In Lame Duck Session
As Congress begins its five-week post-election lame duck session, attorneys at Greenberg Traurig break down the legislative priorities and which proposals can be expected to pass.
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What Trump's 2nd Presidency Could Mean For Crypto Sector
Trump's second term will bring a fundamental shift from the Biden administration's approach to crypto-asset regulation and banking supervision, with the most significant changes likely taking effect in the first two quarters of 2025 and broader policy shifts emerging over the next year, say attorneys at Cahill.
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Promoting Diversity In The Selection Of ADR Neutrals
Excerpt from Practical Guidance
Choosing neutrals from diverse backgrounds is an important step in promoting inclusion in the legal profession, and it can enhance the legitimacy and public perception of alternative dispute resolution proceedings, say attorneys at Lowenstein Sandler.
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Striking A Balance Between AI Use And Attorney Well-Being
As the legal industry increasingly adopts generative artificial intelligence tools to boost efficiency, leaders must note the hidden costs of increased productivity, and work to protect attorneys’ well-being while unlocking AI’s full potential, says Ed Sohn at Factor.
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Takeaways From The IRS' Crypto Doc Summons Win
A recent First Circuit decision holding that taxpayers do not have a Fourth Amendment reasonable expectation of privacy in cryptocurrency transaction records should prompt both taxpayers and exchanges to take stock of past transactions and future plans, say attorneys at BakerHostetler.
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How Judiciary Can Minimize AI Risks In Secondary Sources
Because courts’ standing orders on generative artificial intelligence and other safeguards do not address the risk of hallucinations in secondary source materials, the judiciary should consider enlisting legal publishers and database hosts to protect against AI-generated inaccuracies, say attorneys at Lankler Siffert & Wohl.